STEP BY STEP GUIDE
STEP 4: BUDGET & MANAGE YOUR EXPENSES
You'll also need to create a budget and manage your finances. Budget keeps you focused on saving more.Also remember that payment of personal debt should not exceed 20% of your income. Through this simple financial planning principles, we want to help you achieve a more secured future for you and your family.
STEP 2: KNOW WHAT YOU HAVE
Next you have to know where you stand financially. What and how much assets do you own? What and how much do you owe? The difference between your assets and your liabilities determines your true networth. This will give you the true measure of your wealth and will help you determine how far or near you are in your goals.
STEP 1: KNOW WHAT YOU WANT
Set specific, measurable, attainable, realistic and time bounded goals. Making sure you have clear details with a concrete amount. Attainable but challenging enough with the necessary skills and knowledge. Make a deadline so you wouldn't delay taking action. By focusing on what's important, you'll have better chances to making your financial goal.
STEP 3: PLAN TO SAVE
When you know how much you will need to get to your goals.It is best to understand the principles of saving. It is common people save what is left with their income but the right way is to pay yourself first. Set aside 10% to 20% of your income for your savings and use what is left for your expenses.
